Drilling contractors spend the majority of their time boring, drilling, excavating, casing, cementing and cleaning, and involves many types of tools and equipment. Because of the nature of their trade, drilling contractors are exposed to workplace injuries and illnesses. As with any construction type contractor, there is also a significant exposure to injuries and property damage to third parties, and so a general liability policy should always be considered. The insurance professionals at Fairbanks Insurance Brokers recommend a combination of coverages to provide the financial protection needed when something goes wrong on the job site.
The contractor’s general liability policy forms the base of the policy package needed to provide comprehensive protection for well-drilling contractors. The policy offers coverage for bodily injury, property damage, personal injury, and products/completed operations, which all well-drilling contractors will need.
Work related injuries are not uncommon at a drilling job site. Accidents can happen that typically result in significant medical expenses and lost wages. The workers’ compensation policy provides the protection your employees will depend on in the event they are injured or come down with a job-related illness.
Drilling contractors will typically use light and heavy trucks while traveling to and from the job site. Your commercial auto policy will provide liability and physical damage for your trucks and your insured drivers.
Most state licensing authorities and residential and commercial customers will require a surety bond which provides a financial guarantee if you fail to meet the terms of your project agreement.
Drilling contractors typically deploy expensive tools and equipment to the job site. If the equipment or tools become damaged or stolen while at the job site, in transit, or in storage while not in use, your tool and equipment coverage will reimburse for the cost of repair or replacement.